Swot Analysis of the Build-a-Bear Workshop
Strengths
Venturing into an untapped market for hands-on customisation of teddy bears, Build-a-Bear has established itself as a market leader. Its success derives from its dynamic retail concept where customers create their own teddy bears from choosing the outer casing of the bear down to stitching it up, personalising it along the way. The interactive nature of the process brings out the creativity and individuality of the customer and at the same time, allows them to have fun. Build-a-Bear is family oriented and does not restrict the age of customers to below 12, hence is an ideal place to go for family bonding. Guests enjoy the highly visual environment, the sounds and the fantasy of this special place while they create a memory with their family and friends. Why Build-a-Bear has been successful so far is probably the fact that the customer walks out of the store happy and satisfied.
Due to the popularity of the Internet for networking, especially amongst today’s Internet savvy kids, Build-a-Bear has launched a virtual world- buildabearville.com- to pique their interest in their products and build customer loyalty. There, guests can bring their furry friends to life online to play together, create their own online character, play games, chat with friends and more. Knowing the market is essential in keeping up with the changing wants of kids, which is why the “Virtual Cub Advisory Council” was created, where a panel of children gives feedback on what they would like to see in Build-a-Bear stores.
To exercise their social responsibility and build more positive images, Build-a-Bear has initiated several programs that support various causes that help children, families and animals. Stuffed with Hugs™ is an annual event that allows guests to visit the store and make a bear for free to be donated to a worthy cause.
Weaknesses
Due to the nature of the Build-a-Bear product, obtaining a bear comes with a price tag that may not be affordable to everyone.
Venturing into an untapped market for hands-on customisation of teddy bears, Build-a-Bear has established itself as a market leader. Its success derives from its dynamic retail concept where customers create their own teddy bears from choosing the outer casing of the bear down to stitching it up, personalising it along the way. The interactive nature of the process brings out the creativity and individuality of the customer and at the same time, allows them to have fun. Build-a-Bear is family oriented and does not restrict the age of customers to below 12, hence is an ideal place to go for family bonding. Guests enjoy the highly visual environment, the sounds and the fantasy of this special place while they create a memory with their family and friends. Why Build-a-Bear has been successful so far is probably the fact that the customer walks out of the store happy and satisfied.
Due to the popularity of the Internet for networking, especially amongst today’s Internet savvy kids, Build-a-Bear has launched a virtual world- buildabearville.com- to pique their interest in their products and build customer loyalty. There, guests can bring their furry friends to life online to play together, create their own online character, play games, chat with friends and more. Knowing the market is essential in keeping up with the changing wants of kids, which is why the “Virtual Cub Advisory Council” was created, where a panel of children gives feedback on what they would like to see in Build-a-Bear stores.
To exercise their social responsibility and build more positive images, Build-a-Bear has initiated several programs that support various causes that help children, families and animals. Stuffed with Hugs™ is an annual event that allows guests to visit the store and make a bear for free to be donated to a worthy cause.
Weaknesses
Due to the nature of the Build-a-Bear product, obtaining a bear comes with a price tag that may not be affordable to everyone.